Professional Documents
Culture Documents
Unit 1 Ent600 Intro
Unit 1 Ent600 Intro
(ENT600)
UNIT 1:
INTRODUCTION TO
TECHNOLOGY ENTREPRENEURSHIP
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Definition of Entrepreneurship
Entrepreneurship is a dynamic process that involves
change and creation
Entrepreneurship can be defined as the identification,
evaluation and exploitation of previously unexploited
opportunities. The focus is on creation of a new
enterprise or business as well as the wealth associated
with it. Essential dimensions or ingredients include
willingness to take calculated risk, the skill to apply
creative solutions and new ideas and finally, being proactive to act on opportunities while others are still
confused or unaware of the potential at hand.
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Understanding Entrepreneurship
Entrepreneurship
encompasses
several
dimensions or ingredients that help explain what
makes it a unique concept
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Dimensions of Entrepreneurship:
Risk
Risk indicates elements of uncertain outcomes or events
that is inherent in the process of exploiting an opportunity
and starting a business
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Dimensions of Entrepreneurship:
Creativity & Innovation
Entrepreneurship is characterized by newness or
the specific effort of bringing something new and
something different to the market.
Being creative and innovative
dimensions of newness
are
essential
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Dimensions of Entrepreneurship:
Opportunity Exploitation
Entrepreneurship is focused on taking
advantage
or
exploiting
of
previously
unexploited opportunities
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Dimensions of Entrepreneurship:
Pro-activeness
Pro-activeness refers to the propensity to act on
information, ideas and opportunities in a timely
and speedy manner
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Idea Discovery
Idea Screening
Concept Testing
Prototyping
Test Marketing
Idea Exploitation
Phase
Business Start-up
Technology
Commercialization
Monitoring &
Evaluation
Technology Blueprint
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Entrepreneurial Process:
Idea Search and Generation Phase
This phase is also known as the opportunity formation or
opportunity discovery phase
Both the terms idea and opportunity indicate the
possibility of bringing something new to the market
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Entrepreneurial Process:
Idea Search and Generation Phase
In technology entrepreneurship, this idea
formation or discovery phase may be
recognizable by the fact that the business idea
or problem solution involves creating a new
technology or adapting an existing technology
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Entrepreneurial Process:
Idea Evaluation & Development Phase
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Entrepreneurial Process:
Idea Exploitation Phase
This phase is generally characterized by the decision to
pursue the business opportunity or not
The decision at this phase can take three basic forms
(Fig 2):
proceed to exploit the opportunity
abandon the current idea and go back to search for
other ideas
terminate the process totally and not pursue any other
business ideas
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YES
Idea Exploitation
Decision
NO
Abandon
Current Idea
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or
Terminate Process
16
Entrepreneurial Process:
Idea Exploitation Phase
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Natural capital
Economy
Financial capital
Intellectual capital
Entrepreneurs
as agents of
progress
Beneficial outputs
Undesired waste
outputs
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Social capital
The relationships and the quality of the
relationships that the business maintains with its
suppliers, partners and customers
Entrepreneurship Dept, FBM (2009)
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References
Dorf, Richard C., & Byers, Thomas H. (2005).
Technology Ventures: From Ideas to Enterprise.
New York,USA: McGraw Hill
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